Servca unveils new product for fintech firms

International specialist broker Servca has launched a new professional indemnity policy for fintech companies that will also help them win business in the rapidly growing sector.

 

The tailored policy covers the more complex and specific risks associated with fintech firms such as online platforms, stockbrokers, commodity trading platforms, crowd-Funding and peer-to-peer lending platforms.

 

Underwritten by Lloyd’s, the packaged policy provides cover of up to £10 million for professional liability, directors’ and officers’, theft, and cyber liability and loss, all under a single policy. Optional add-ons include office packages and legal expenses cover.

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The policy is built around a core professional liability cover offering broad civil liability protection against claims and related costs from clients or third parties, including bad advice, poor servicing or programming errors. Coverage can also extend to the costs involved when sensitive documents or data is lost.

 

“Fintech is a booming sector and an area where new risks are emerging that need a specialist approach, said Paul Rose, head of international financial lines at Servca.”

 

“With our years of experience and access to secure capacity, we can provide brokers with the innovative but robust policies they need to tap into these new niche, lucrative areas.”